Bonava Ab Class A · OMXSTO:BONAV_A
Bonava Ab Class A — Q1 2024 Earnings Presentation
25 slides from Bonava Ab Class A's earnings presentation, Apr 24, 2024
Slide 1: Bonava January-March 2024
8 BONAVA January-March 2024 Peter Wallin, CEO and Lars Ingman, CFO 24 April 2024
Slide 2: Improved sales to consumers
Improved sales to consumers Market highlights Q1 « Number of sold units to consumer gradually increasing * Continued improvement in the market with most positive signs in Sweden * Investor market still more challenging
Slide 3: Significantly reduced net debt
Significantly reduced net debt Q1 figures in brief * Low volume of recognised units « Underlying gross margin of 10.2 per cent (8.6) * Indirect and S&A expenses down 21 per cent net compared to Q11 last year « Net debt significantly reduced SEK 4.3 Bn (8.1) ¢ All conditions in financing package fulf
Slide 4: Examples of neighbourhoods started in the quarter
Examples of neighbourhoods started in the quarter Forest Gate - Vilnius, Baltics Wohnen am Ritterschlag - Berlin, Germany Pikaliiva Kaarmaja - Tallinn, Baltics 101 housing units for consumers 6 single-family houses for consumers 81 housing units for consumers All Bonava's housing starts are presente
Slide 5: Projects to be started
Projects to be started Uppsala, Sweden, Seminariet In the centre of Uppsala Bonava is planning to build a neighbourhood of 113 units. The project is located in a historical environment called Seminarieparken. Sales start will be on 28 April. MI i I——| Diisseldorf, Germany, Paulshéfe In Dusseldorf Bo
Slide 6: Financial development
8 BONAVA Financial development Lars Ingman, CFO
Slide 7: Recognised units bridge
64 units shifted to later quarters Recognised units bridge / B2c MB2B8 436 85 357 Future completions Completions Completions Of which unsold Previously Change in balance Recognised during Q1 2024 Brought Forward in the quarter completed unsold of sold completed units in Q1 2024 (reported in Q4 23) /
Slide 8: Completed unsold units bridge
Completed unsold units bridge
Slide 9: Bonava Group
Bonava Group Indirect and S&A decreasing according to plan 2024 2023 2023 — 5 A ny inui i Operating margin (before IAC), R12, % Continuing operations 1929 12,620 13,269 erating margin ¢ 12% Net sales || Net sales, SEK Bn Underlying gross profit 167 1,525 1,562 4,989 Underlying gross margin, % 8.6 12
Slide 10: Operating profit and margin, before IAC
Operating profit and margin, before I|AC SEK M % 24'Q1 23'Q1) =R12 =. 2023 _|| 24'°Q1:«-23'Q1._ = R12~—S.2023 Germany 48 10 666 628 5.1 14 8.9 8.6 Sweden -19 45 13 77 neg 76 06 2.9 Finland -27 -32 112 107 neg neg 5.4 4.2 Baltics 8 10 66 68 6.2 75 8.6 8.9 Other -32 -60 -191 -219 neg neg neg neg Total
Slide 11: Continued implementation of restructuring measures
Continued implementation of restructuring measures Net S&A, SEK Bn Net S&A f Around -33% 0.9 + Net S&A and indirect decrease 21 per cent 0.8 compared to Q1 LY 0.7-0.6 + Restructuring in SE 0.6-0.5 and FI has been implemented since the beginning of 2024 * Savings in Germany will gradually come from 2
Slide 12: Germany
German SHARE OF NET SALES (R12) y 60% 2023: 55% Highlights " + Increase in started units to consumer. Sold units to consumer up 27 per cent compared to last year + Net sales higher due to more units for consumers recognised + Improved operating margin with lower S&A Project: Bergische Garten, Diisse
Slide 13: Sweden
Sweden SHARE OF NET SALES (R12) 18% 2023: 20% Highlights + Higher volume of sold units to consumers + Lower net sales due to less recognised units + S&A expenses decreasing + Low volume of ongoing production lect*Logementet Gothenburg 024 023 2023 Sold and started units _ a FY Net sales 2,254 2,685
Slide 14: Finland
Finland SHARE OF NET SALES (R12) 17% 2023: 19% Highlights + Sold units to consumer increasing. Last year 75 B2B sales + Gross margin in recognised units approx. 19 per cent but other gross profit items impact margin negative + Low volume of ongoing production 24 23 23 Sold and started units ms ea FY
Slide 15: Baltics
Ba Itics SHARE OF NET SALES (R12) 6% 2023: 6% Highlights + Increase in both started and sold units to consumers + Gross margin lower than previous year due mix in recognised units * Good progress in occupancy rate in B2M projects Forest 24 23 R12 23 Sold and started units Qu Qi FY 136 137 768 770 Ne
Slide 16: Consumers - expected completions and sales rate
Consumers - expected completions and sales rate Hl Germany Sweden Finland {1 Baltics Sales Rate 590 372 f= : 220 230 — 160 170 SL | | a Pt Ql 24 Q2 2024 Q32024 Q42024 Q12025 Q22025 Q32025 Q42025 Later Asince Q4 23*; -64 40 10 -10 60 0 -40 120 -100 Starts Q1 24: 0 0 0 65 105 7 1 102 1 “The numbers un
Slide 17: Investors - expected completions and sales rate
Investors - expected completions and sales rate Hl Germany Sweden Finland {) Baltics Sales Rate 220 220 210 180 /\ 90 cm | . Qi 24 Q2 2024 Q32024 Q42024 Q12025 Q22025 Q32025 Q42025 Later Asince Q4 23*: 130 -130 60 -60 180 -180 Starts Ql 24: “The numbers under the chart clarify the changes that have
Slide 18: Good foundation to start projects
Good foundation to start projects No building rights, # Distribution between BU's Potential start period Germany |) Finland 24-25 MM 26-28 |) Later or divestment Hi Sweden [il Batics Customer segment B2B MiBp2c 18
Slide 19: Cash flow before financing per quarter (SEK M)
Cash flow before financing per quarter (SEK M)
Slide 20: Net debt (SEK Bn)
Net debt decreases further, equity issue in Q1 has impacted positively Net debt (SEK Bn) Net debt in tenant-owner associations/housing companies Hl Other net debt Mi Leasing f -47% Q1'23 Q2 '23 Q3 '23 Q4'23 Q1'24 20
Slide 21: All conditions in financing package fulfilled in March
All conditions in financing package fulfilled in March Financing facilities per Q1 2024 (SEK Bn) 5.7 5.7 ss 0.9 + Unutilised facilities of SEK 0.9 Bn * All conditions in financing package a1 fulfilled ; 22 * Bond, RCF and loans prolonged until March 2027 * Amortisation on bond of SEK 120 M made in M
Slide 22: Well above targets set in new financial framework from 2024
Well above targets set in new financial framework from 2024 Net project assets > net debt excl. leasing Equity to asset ratio > 30% 1.4x 38.7% Build to manage 0.2 Completed houses 1.6 Ongoing projects 7.2 38 | 5.6 41 Projects: Advance Net project Net debt Ongoing and payments from asset value excl.
Slide 23: Summary
8 BONAVA Summary
Slide 24: Focus on starting new projects
Focus on starting new projects * Q1 according to plan « Market is gradually improving but it will take time + Lower net debt and improved balance sheet « Strong foundation to start profitable projects
Slide 25: Q&A
Q&A 2